One More Pallet secures new funding, reflects on first year

One More Pallet, the Cincinnati-based shipping startup company that helps smaller businesses find inexpensive transportation for their products, recently closed a $300,000 round of funding from Queen City Angels' First Fund IV along with an additional $95,000 directly from investors. The company, which started in 2012, has pivoted its model a few times in its first year of business to meet customer demands.
“Based on feedback, we simplified the user experience and have built a list of enhancements that will continue to make our system more convenient to use,” says Bill Cunningham, CEO of One More Pallet.
One More Pallet’s basic premise is that carrier trucks can average between 30-40 percent empty space, and the idea of adding “one more pallet” would increase efficiency and profitability. One More Pallet connects these trucks/trucking companies with small, underserved shippers to create value for both parties.
“We look for companies who need a trusted source for their shipping and are also looking for a quick and efficient way to move their goods,” Cunningham says. As is often the case in startup companies, Cunningham has had to shift priorities along the way.
“Our core value has changed from low-cost shipper to becoming the trusted source for small-volume shippers. We have found that customers value quality as well as low pricing," he says.
No stranger to the demands of starting a business, Cunningham has a long list of entrepreneurial experience. He began along this path in the early 1990s, counts One More Pallet as his sixth startup and also spent time as the director for the Xavier Entrepreneurial Center.
“I’ve seen entrepreneurship from all sides: as a founder, investor, academic, mentor and more.”
For 2014, Cunningham hopes to see One More Pallet transform into small shippers’ trusted source for LTL shipping; his goal is to reach more than 1,000 satisfied customers by the end of next year. And he urges Cincinnatians to support local businesses like his.
“Buy from local startups, just like you go to your local farmer’s market," he says. "We can provide you with excellent service, and you help our region prosper by choosing us.”

By Mike Sarason